Find compound interest on Rs.8000 at 15% per annum for 2 years 4 months,compounded annually

Explanation:

Time = 2 years 4 months = 2(4/12) years = 2(1/3) years.

Amount = Rs’. [8000 X (1+(15/100))^2 X (1+((1/3)*15)/100)]

=Rs. [8000 * (23/20) * (23/20) * (21/20)]

= Rs. 11109. .

:. C.I. = Rs. (11109 – 8000) = Rs. 3109.